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Mitsubishi shows off MiEV Evolution III for Pikes Peak

In May 2012, Mistubishi unveiled a completely unexpected version of the i-MiEV electric jellybean to challenge the climb up Pikes Peak, the MiEV Evolution. In 2013, the company unleashed the MiEV Evolution II. For 2014, well, you can probably guess. Say hello to the MiEV Evolution III. The latest, ahem, evolution of these cars features redesigned chassis and bodywork as well as a 50 kW boost to the electric motors, up to 450 kW, which translates to a 67 horsepower increase up to 603 hp. Two of these bad boys will tackle the 2014 Pikes Peak International Hill Climb (PPIHC) later this month in the Electric Modified Division at the hands of drivers Greg Tracy and Hiroshi Masuoka. The race starts at 9,390 feet and ends at 14,110 feet above sea level and takes place June 29. Mitsubishi hasn't yet managed to win the EV category in. The first Evolution crashed during practice and last year Masuoka came in second in the EV division while Tracy came in third. The 2013 winner was Nobuhiro "Monster" Tajima in the Monster Sport E-Runner. Will the third time be the charm? Mitsubishi Motors to Compete in the 2014 Pikes Peak International Hill Climb for Third Consecutive Year Pair of advanced MiEV Evolution III all-electric racecars to compete Mon, Jun 02, 2014 - Cypress, California - Mitsubishi Motors North America, Inc. (MMNA) will compete in the Electric Modified Division of the prestigious 2014 Pikes Peak International Hill Climb (PPIHC) with a pair of technologically-advanced MiEV Evolution III 100% electric-powered purpose-built racecars in the 92nd running of the "Race to the Clouds" on June 29th near Colorado Springs, Colorado. First run in 1916, the annual Pikes Peak International Hill Climb is a treacherous 12.42-mile/156 corner road course through the Rocky Mountains in Colorado commencing at an elevation of 9,390 feet and finishing at 14,110 feet – nearly 3 miles above sea level. The Pikes Peak race is the second oldest motorsports event in the United States after the Indianapolis 500. "Pikes Peak is an excellent laboratory for testing our advanced MiEV (Mitsubishi innovative Electric Vehicle) technology," states Don Swearingen, executive vice president Mitsubishi Motors North America, Inc.

Next-generation Mitsubishi Outlander spied for the first time

Having been around relatively unchanged since the 2014 model year, it's about time that we're finally seeing a new generation of Mitsubishi Outlander crossover. This is the first prototype we've seen, and it's rather thinly disguised. From what we can tell, it will draw heavily from the Engelberg Tourer concept that was shown at this year's Geneva Motor Show (we still find that name strange, by the way). The next-generation Outlander's grille seems to have the now-trademark broad, metallic grille shared with the Eclipse Cross and recently refreshed Outlander Sport. It also has lights that spear off the top corners of the grille. In this application, they appear to simply be daytime running lights. The main illumination probably comes from the large rounded lamps below them. The grille and the shapes of the lights match the Engelberg concept, too. Mitsubishi Engelberg Tourer concept View 12 Photos Also matching the Engelberg Tourer is the side profile. We can see that the roof panel is separated from the rest of the body, making it perfect for contrasting colors like those on the concept. The glass area kicks up at the rear just before the vertical edge at the rear. This creates a thick, upright D-pillar, just like the concept. The back of the Outlander is pretty clean and simple, and the taillights are thin and wide. The taillights extend forward into sharp points. All of these features are similar to the concept. With so much of the exterior mirroring Mitsubishi's earlier concept, we're expecting the Outlander to use a similar, if not identical powertrain. The concept featured a plug-in hybrid powertrain very much like the current Outlander PHEV, but with a 2.4-liter inline-4 engine rather than a 2.0-liter unit. Electric range was an estimated 43 miles, which also improves on the existing Outlander PHEV's 22 miles. This all seems very plausible for the new production Outlander PHEV. The powertrain for non-hybrid Outlanders is more of a mystery. Base models may get the Eclipse Cross's turbocharged 1.5-liter inline-4. We'll have to wait to see if the V6 option sticks around. This prototype looks pretty far along in development, so we expect to see the production model shown within a year.

Mitsubishi pondering $2B share sale?

Mitsubishi makes the brilliantly fast, wonderfully fun Lancer Evolution. Outside of that road-going rally car, the rest of the range is pretty poor - the new Outlander isn't bad, but the subcompact Mirage looks like might've been competitive five years ago, while the Galant and Lancer have suffered from serial neglect.
This hasn't just lead to rumors of Mitsu's death in America; the subsidiary of the massive Mitsubishi Group has been in trouble at home, too. It was bailed out by three other Mitsubishi Group companies - Mitsubishi UFJ Financial, Mitsubishi Heavy Industries and Mitsubishi Corporation - between 2004 and 2005, according to Bloomberg. Now, it's attempting to extricate itself from "emergency mode," as analyst Koichi Sugimoto told the financial site, adding that "they're still in the very early stages of recovery."
As part of the bailout, Mitsubishi issued its three saviors billions of dollars of preferred shares, which don't have voting rights. The problem is, Mitsubishi hasn't issued dividend payments since 1998, and these stocks aren't exactly competing with Apple or Google, in terms of value. In other words, they're mostly worthless. With a public offering, Mitsubishi is expecting to raise 200 billion yen, or about $2 billion, in order to reduce the number of preferred shares. If all goes according to plan, it will wipe out preferred shares by March of 2014, or the end of fiscal year 2013.